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Components of Reward Strategy
Human Resources » Compensation & Benefits

Chrm Message From: abhijeet_rawat Total Posts: 27 Join Date: 06/12/2006
Rank: Executive Post Date: 13/12/2006 02:43:42 Points: 135 Location: United States

The compensation is the most important part of the work profile considering that the primary motivation of the employee is derived from that.

Components of a reward strategy should be a fair combination of :-

1.Direct Financial
Base pay
Cash recognition

2.Indirect Financial
Non-cash recognition

Organizational pride
Title, level

4.Work Content
Clear goals

5.Career Opportunities
Job security

Any more to add on to the above list are invited from members.


Chrm Message From: Sharon John Total Posts: 3 Join Date: 06/12/2006  
Rank: Beginner Post Date: 15/04/2010 10:41:36 Points: 15 Location: United States


A rewards strategy should outline your company's reward philosophy and the strategy that would be employed to align to the philosophy. Typical components included as part of the strategy are:

Strategy on market competitiveness

Strategy on pay positioning

Strategy on retention

Strategy on variable pay


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